Monday, February 09, 2015

1MDB: Anonymously sourced allegations

Something was immediately noticeable. From the day Arul Kanda joined, all allegations hurled at 1MDB are not confirmed by 1MDB. More glaring is that all recent allegations made against 1MDB can be traced to reports from other media which are based on anonymous sources.

Though useful in investigative reporting [read here], there is no credibility to any allegations made based on anonymous sources. All the doomsday predictions made of 1MDB but yet none are confirmed by any parties with a name.

Loan default

According to the said FMT report, Tony Pua claimed 1MDB had defaulted on a loan repayment scheduled for November 2014. The loan purportedly a rescheduled loan due for repayment for November 2013. He went on to exaggerate the implication of failing to repay the loan.

Cayman Island
According to the pin-drop silence report, Tony Pua tried to implicate to the recently clarified status of 1MDB's investment in a Cayman Island fund.

Many accusations was made on the fund. One blogger had once accused Cayman Island to be a cover-up and Datin Rosmah Mansor had absconded the money presumably to make movies in Hollywood. Questions was raised as to why a sovereign fund place money in a tax haven like Cayman Island.

Upon clarification from 1MDB that the Cayman Island redeemed fund will be used to repay US dollar loan, he was still asking had repeated the question Where is 1MDB’s Caymans RM3bn now?

Tony has not desist too as he asked yesterday: Why not pay off RM2bn debt first, Pua asks 1MDB.Someone whose company, Cyber Village failed and bankrupt have no credential to teach credible corporate man how to run their company's financial affair.

In all these allegations, 1MDB only denied without giving them much bullet to work on. Thus far it is only speculations.

Goofy Rafizi tried to raise a new issue.

A January 31st reported him askingHow will 1MDB pay off new US$1bn loan? The bond to raise money in October is due to mature in September 2015. He should have asked Deutche Bank as to why they still dare give loan to 1MDB.

It could be the Cayman Island money la ... lembu!

After continuous crafting allegations against 1MDB, there was an attempt to create the impression that the listing plan was detoured and more troubles coming.

They quoted from Reuters that a proposed RM8.4 billion bond sale by 1MDB had been called off and 1MDB will pull out of a power plant project in Negeri
Sembilan. That is quite a head turner!

Reuters used be internationally reknowned for their journalism and was a trusted source of information to financial market traders back in the 80s and 90s. By the look of it, they have now stooped so low as to quote anonymous banking sources.

The new CEO Arul Kanda came in with the eagerness to engage the likes of Tony Pua.

But, Tony Pua turned around on his words as he tried to turn the engagement into a political circus. Now Arul realised it is pointless to engage them. Yesterday, February 8th, he was reported by FMT to have saidSerangan ke atas 1MDB bermotif politik.

For some sensationalising, the critics had taken cue from a blogger's posting to draw the attention to Jho Loh.

The man leading the attack on 1MDB through his business media, The Edge, Dato Tong Kooi Ong planned to sue Jho Loh. He was claimed to be the person behind the anonymous blogs that accused Tong as instrumental in weakening the ringgit.

Even if Tong could trace
the IP, they will have to prove a writer wrote it and not someone
else. There-on, Tong must establish the link to Jho Loh and prove many other legal issues. One can expect
an interesting wayang (acting) to come to town.

Now we have third thought on the owner of The Edge and TMI.

The anonymous blogs also accused Dato Nazir Razak for sabotaging 1MDB. And, Nazir was reported to have given statement of his intention to sue Jho Loh too. It is interesting that Najib's brother collaborating with Anwar's man to sue Jho Loh.

But, Nazir's reaction will endorse the perception that Nazir sabotaged.

Without hearing the explanations from 1MDB top management itself, all these are merely a case of a mysterious elephant and the blind men. Despite accusations after accusations hurled at 1MDB, no substantive response have come from 1MDB.

Those
following the 1MDB issue would presume there is a cover-up. The longer
1MDB maintain their silence these critics would continue to conjure up
new accusations and pose more accusative questions. Eventually, the
public will not believe any official statements and announcements.

The
only plausible reason 1MDB is ignoring critics is that they are damn
sure with what they are doing and confident everything will nicely fall into place.
So let "the proof of the pudding is in the eating."

The eating is the
successful listing of 1MDB Energy. It should par down
their liabilities and see further appreciation in asset value. Help resolve the legacy issues linked to IPP. Instead of tycoons benefiting from IPPs, the public can reap the benefits too.

Dato
Najib will come out looking like a hero. A calculated risk that
handsomely pay-off. Till that fairy tale ending happens, we will just have to wait then.

to remain credible one hv 2 b impartial less people may think that we r one of those paid 'bangang' blogers.

a lot hv been said abt 1MDB by almost every body that care. granted that some r done more 2 gain political pts but that does not nullify the fact that this issue need 2 b addressed by those affected people effectively. sadly I think it is lacking at this pt of time.

I still can remember how tun m appeared on tv n was bombarded wth probing questions on d imposition of d financial control mechanism in1998.

arul kanda or better still pm najib can do it but not maslan or husni please.

I dunno who is rights and who is wrong coz there is no confirmed information coming from 1mdb and proofs from the sceptics.

If sceptics are correct, then they're correct. Just act accordingly and woop their asses. Malaysia will have to pay for UMNO's blind loyalty to their leaders. Absolutely sure UMNO will get their asses wooped!

But, if the sceptics are not and their allegations resulted in 1mdb failure, you shd get in line with the sceptics to get your assess wooped?

This is the dilemma of adhering to a systemm and having to trust it. Sometimes, just 'coz you suspect something and have the good intention to avoid something bad from happening, it does not mean you are right. If you are right, the country have to pay for it.

Without a systtem, it is worse .... anarchy!!!

Let's all pray that nothing bad happens. Pray that Najib had no bad intention and all turned out right for the good of the country. It's not about saving BN or anything. Its about praying for the country.

I know the "extremist" Muslims always pray for the country's well being every friday during the allegedly extremeist khutbah.

You read NYtime story on JLoo today.Clearly you can see the link btween SRC money with JLo.SRC money was from KWAP.1MDB borrow $4 billion.

Now Najib transfer SRC company to MOF after 1MDB cant meet the onligation.

As for as 1MDB concern,all oversea investment was dont properly,but what happen to 1MDB money after being transfer to oversea beyong their control.Report was lodge with Police and MACC but why investigation was so slow.If they follow the money trail sure they can find the culprit.

The blog tht I knw 8 years ago during the height of tension between DrM n PakLah...

Along with BigDog,Rocky,OSTBX,KadirJasin,Helen,Apanama had been so critical against Paklah and Co, and we knew that you and your gang doing the right things.... critized 24/7, and some ur peer need to fought till court.... you guys doing the right things....

But now what happen??? Dont expect your readers will praise,support or condone your writings the same that you get 8 years ago,..... bcoz we knew that you defend the things that clearly on the wrong side...

Juz be honest, I beleive DSNajib try hard whatever he can do to save 1MDB, juz gv he a chance till then i dun think any act to defend 1mdb will fruitful one, infact will only make one looks fool, you can fool orang kampong with ceritera sabotaj matawang ringgit,sabotaj ekonomi, but it wont bother the one in bandar